Russia to target mortgage-loan rate reduction
TOMSK. Feb 11 (Interfax) - The rate on mortgage loans in Russia will be reduced step-by-step, Russian President Dmitry Medvedev said on Thursday.
"We will be reducing the mortgage rate, it is very high today. I think it will work even if we go to the pre-crisis rate," Medvedev said during a meeting with students in Tomsk.
A mortgage rate of "10.5% to 11% is nothing for our country already. But 6%-8% is considered a good, optimal rate around the world," the president said.
"I hope that there will be a reduction this year. If the inflationary component goes down, we will be able to reduce the Central Bank's refinancing rate even further, and then credit rates and the mortgage rate will be more or less reasonable," Medvedev said.